Assessing Uzbekistan’s Transition : Country Economic Memorandum
Uzbekistan’s transition from planning to market started almost thirty years ago following its independence from the Soviet Union. For most of this period, economic modernization and transformation were stalled, with little change in institutions an...
| Main Authors: | , , , , , , , , , , , , |
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/undefined/862261637233938240/Assessing-Uzbekistan-s-Transition-Country-Economic-Memorandum http://hdl.handle.net/10986/36655 |
| Summary: | Uzbekistan’s transition from planning
to market started almost thirty years ago following its
independence from the Soviet Union. For most of this period,
economic modernization and transformation were stalled, with
little change in institutions and policies from those
prevailing at the time of the planned economy. In late 2016,
Uzbekistan surprised by launching reforms with a breadth and
speed that at times exceeded the pace of those observed in
some of the earlier reformers at a similar stage of the
process. In November 2018, building on the results from more
than a year of economic reforms, the government announced
the agenda for the next phase of its bold and ambitious
economic transformation. In terms of the pace of transition,
Uzbekistan’s record has been mixed but appropriate, given
that reforms are dependent on experience with markets and
prices, initial conditions, and institutional strength.
Before the Coronavirus (COVID-19) pandemic started, the
reform momentum was supported by comfortable external and
fiscal buffers and a robust global economy. The buffers are
still sizable, even with doubling of public debt since 2017,
and a sign of strength but the pull from the global economy
has been substantially diminished. The rest of the
introduction reviews progress in the key areas of economic transformation. |
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